GIC Re

Mumbai, India Founded: 1972 • Age: 54 yrs Listed
General reinsurance services are provided by GIC Re in India.
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About GIC Re

GIC Re is a publicly listed company based in Mumbai (India) founded in 1972. General reinsurance services are provided by GIC Re in India. It operates on a Professional Services model. The company has 449 employees. GIC Re has completed 1 acquisition, including Visma. Its chief executive, as recorded, is Narayanan Ramaswamy. Its website gicre.in draws about 38 thousand monthly visits. Its Indian entity General Insurance Corporation Of India reported revenue of ₹54,377 Cr. GIC Re offers products and services including Reinsurance Services, Property Insurance, and Marine Insurance. Its focus areas include Financials, Insurance and Reinsurance.

Company details

Reinsurance solutions are offered by GIC Re to direct general insurance companies in the Indian market. Operations are extended to domestic and international markets, with a focus on property, marine, aviation, motor, and health insurance sectors. As a leading reinsurer, support is provided across Afro-Asian regions, with permanent offices established in the UK, Malaysia, Russia, and UAE. Continuous efforts are made to explore new frontiers and enhance global presence in the reinsurance industry.

  • Headquarters Mumbai, India
  • Employees 449
  • Stage Public
  • Sectors
    Financial Services
  • Website category Finance · Investing
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website gicre.in/en
  • Social LinkedIn X Instagram
  • Legal Name General Insurance Corporation Of India
Operational Areas
Financial Services → Insurance & Risk Management
Key Metrics
  • Market Cap
    ₹55,614 Cr

    GICRE · NSE

  • Share Price
    ₹318.90

    +0.60% today

  • Revenue
    ₹52,986 Cr

    FY 2025-26 · +6.8% YoY

  • EBITDA
    ₹10,062 Cr

    Margin 19.0%

  • Net Profit
    ₹9,663 Cr

    FY 2025-26 · +30.0% YoY

  • P/E (TTM)
    6.1x

    P/B 0.7x

  • ROE
    16.7%

    ROCE 14.6%

  • Employee Count
    449
  • Investments & Acquisitions
    Visma

Products & Services of GIC Re

GIC Re offers a comprehensive portfolio of products and services, including Reinsurance Services, Property Insurance, and Marine Insurance.

Reinsurance Services
Insurance

Reinsurance solutions are provided to general insurance companies.

Property Insurance
Insurance

Coverage for property risks is offered to clients.

Marine Insurance
Insurance

Marine and energy risks are covered through reinsurance.

Board of directors of General Insurance Corporation Of India (GIC Re)

General Insurance Corporation Of India is the primary company behind GIC Re. The board of General Insurance Corporation Of India currently have 4 directors; the longest-serving is Jayashri Balkrishna, appointed in 2025. 66 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Jayashri Balkrishna
DIN 11210291
Whole-time director23 Jul 20251 yr 3 moGeneral Insurance Corporation Of India
Hitesh Rameshchandra Joshi
DIN 09322218
Managing Director16 Jun 20264 moGeneral Insurance Corporation Of India
Debasish Prusty
DIN 10655471
Director19 Jun 20264 moGeneral Insurance Corporation Of India
Hitesh Kismatbhai Bhandari
DIN 11890575
Director13 Aug 20262 moGeneral Insurance Corporation Of India

People of GIC Re

2 people are tracked at GIC Re (2 in leadership); the tracked headcount is 449.

NameRoleGroup
Narayanan Ramaswamy
CEOLeadership
Devesh Srivastava
Managing DirectorLeadership
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Complete people profiles for GIC Re

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  • Team structure
  • Board tenure
  • Professional contacts

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IPO & Listings of GIC Re

GIC Re is a publicly listed company on the NSE with ticker symbol GICRE in India, operating in the Finance sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date25 Oct 2017
  • Listed onNSE: GICRE
  • Listed entityGeneral Insurance Corporation of India
  • Exchange sectorFinance
  • ISININE481Y01014
  • Share price₹320.35 (+0.41% on the day) · 2026-10-14
  • Market capitalisation₹55,965 Cr
  • Price to earnings6.3
  • EPS (diluted, trailing year)₹50.59
  • Dividend yield4.15%
  • Volume (last session)650,232

Financials of GIC Re

Exchange-reported figures of General Insurance Corporation Of India, the listed company behind GIC Re (NSE: GICRE).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹52,986 Cr
+6.8% YoY
EBITDA
₹10,062 Cr
+14.4% YoY
Profit After Tax
₹9,663 Cr
+30.0% YoY
Net Worth
₹70,481 Cr
+14.6% YoY
Total Assets
₹92,044 Cr
+3.7% YoY
Total Debt
Nil

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue52,98649,61745,97846,63848,96748,58350,345
Revenue growth+6.8%+7.9%-1.4%-4.8%+0.8%-3.5%-
EBITDA10,0628,7957,4726,9293,1513,073(2,101)
EBITDA margin+19.0%+17.7%+16.3%+14.9%+6.4%+6.3%-4.2%
Profit before tax11,4479,1057,9258,0313,7553,069(366)
Net profit9,6637,4325,6896,9072,3861,992(186)
Net profit margin+18.2%+15.0%+12.4%+14.8%+4.9%+4.1%-0.4%
EPS (₹)55.0842.3638.1139.3713.6011.35(1.06)
Balance sheet
Total assets92,04488,80085,69267,47060,04553,47938,816
Net worth70,48161,50055,25745,18536,00832,46323,944
Total debt0.000.000.000.000.000.000.00
Cash & bank28,48925,28124,85523,70221,45118,58916,107
Net working capital(57,824)(55,636)(51,229)(48,367)(45,061)(40,943)(32,566)
Cash flow
Cash from operations4661,976(212)11,7229,05113,2848,617
Cash from investing1,281(275)1,749(9,076)(6,188)(10,802)(4,016)
Cash from financing(1,754)(1,754)(1,263)(395)0.000.00(1,428)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue14,40113,01812,58912,75514,62313,20911,14412,378
Revenue growth (YoY)-1.5%-1.4%+13.0%+3.1%+13.5%---
Other income17164513555358.69146255(93.26)
EBITDA2,0212,4632,3662,7622,6052,9981,9292,380
EBITDA margin+18.2%+24.8%+24.6%+30.9%+23.1%+32.4%+22.8%+26.8%
Depreciation0.000.000.000.000.000.000.000.00
Interest0.000.000.000.000.000.000.000.00
Profit before tax2,1923,1082,5013,3152,6643,1442,1842,287
Tax571729609617491780560422
Net profit1,6212,3781,8922,6982,1732,3641,6231,865
EPS (₹)9.9414.449.8416.3814.4214.249.5610.58
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue52,46848,90345,80046,40248,85648,68750,128
Revenue growth+7.3%+6.8%-1.3%-5.0%+0.4%-2.9%-
EBITDA9,3978,4497,4346,7333,0493,379(2,117)
EBITDA margin+17.9%+17.3%+16.2%+14.5%+6.2%+6.9%-4.2%
Profit before tax10,7938,7667,8787,7493,5603,163(446)
Net profit8,3936,7026,4976,3122,0061,920(359)
Net profit margin+16.0%+13.7%+14.2%+13.6%+4.1%+3.9%-0.7%
EPS (₹)47.8438.2037.0335.9811.4310.95(2.05)
Balance sheet
Total assets86,46784,92282,43064,26257,35051,24036,819
Net worth64,90357,62251,99541,97733,31330,20421,923
Total debt0.000.000.000.000.000.000.00
Cash & bank27,79124,63824,38923,28421,08318,29415,854
Net working capital(55,927)(54,277)(50,118)(47,485)(44,151)(40,256)(32,143)
Cash flow
Cash from operations(653)(770)(448)11,3498,42012,8248,225
Cash from investing2,3462,2941,937(8,753)(5,631)(10,383)(3,791)
Cash from financing(1,754)(1,754)(1,263)(395)0.000.00(1,428)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue14,34712,84512,50512,71614,40212,58311,16712,130
Revenue growth (YoY)-0.4%+2.1%+12.0%+4.8%+12.3%---
Other income27363814556851.48147266(84.18)
Total expenses12,13010,52210,5329,81212,2109,8089,2649,765
EBITDA2,2172,3221,9722,9042,1922,7761,9032,365
EBITDA margin+20.0%+23.7%+20.6%+32.5%+19.8%+32.0%+22.3%+27.4%
Depreciation0.000.000.000.000.000.000.000.00
Interest0.000.000.000.000.000.000.000.00
Profit before tax2,4902,9602,1173,4732,2442,9232,1692,281
Tax568706598606491740547420

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 03 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue14,40113,01812,58912,75514,62313,20911,14412,378
Revenue growth (YoY)-1.5%-1.4%+13.0%+3.1%+13.5%---
Other income17164513555358.69146255(93.26)
EBITDA2,0212,4632,3662,7622,6052,9981,9292,380
EBITDA margin+18.2%+24.8%+24.6%+30.9%+23.1%+32.4%+22.8%+26.8%
Depreciation0.000.000.000.000.000.000.000.00
Interest0.000.000.000.000.000.000.000.00
Profit before tax2,1923,1082,5013,3152,6643,1442,1842,287
Tax571729609617491780560422
Net profit1,6212,3781,8922,6982,1732,3641,6231,865
EPS (₹)9.9414.449.8416.3814.4214.249.5610.58
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue52,98649,61745,97846,63848,96748,58350,345
Revenue growth+6.8%+7.9%-1.4%-4.8%+0.8%-3.5%-
Other income1,3913244651,11261811.461,754
Total expenses42,92440,82238,50639,70945,81645,51052,445
Employee cost205180223240224156207
EBITDA10,0628,7957,4726,9293,1513,073(2,101)
EBITDA margin+19.0%+17.7%+16.3%+14.9%+6.4%+6.3%-4.2%
Depreciation6.3014.5611.869.6913.7514.9518.75
Interest0.000.000.730.670.000.000.00
Profit before tax11,4479,1057,9258,0313,7553,069(366)
Tax2,4462,1311,4171,4541,5561,244(87.38)
Net profit9,6637,4325,6896,9072,3861,992(186)
Net profit margin+18.2%+15.0%+12.4%+14.8%+4.9%+4.1%-0.4%
EPS (₹)55.0842.3638.1139.3713.6011.35(1.06)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital877877877877877877877
Reserves & surplus69,60460,62254,37944,30833,59630,10823,067
Shareholders' funds (net worth)70,48161,50055,25745,18536,00832,46323,944
Minority interest0.000.000.000.000.000.000.00
Secured loans0.000.000.000.000.000.000.00
Unsecured loans0.000.000.000.000.000.000.00
Total debt0.000.000.000.000.000.000.00
Total liabilities92,04488,80085,69267,47060,04553,47938,816
Assets
Gross block485484471468346332327
Net block320319318324200200209
Capital work in progress12.057.910.000.000.000.000.00
Investments1,48,3731,43,2801,35,7631,14,7381,04,67793,99070,918
Inventories0.000.000.000.000.000.000.00
Sundry debtors0.000.000.000.000.000.000.00
Cash & bank balances28,48925,28124,85523,70221,45118,58916,107
Loans & advances27,37125,05122,67623,19125,28327,25433,092
Total current assets55,86050,33247,53246,89446,73445,84349,199
Total current liabilities1,13,6841,05,96898,76095,26191,79686,78581,765
Net working capital(57,824)(55,636)(51,229)(48,367)(45,061)(40,943)(32,566)
Total assets92,04488,80085,69267,47060,04553,47938,816
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash7,7177,7707,49521,45118,58916,10712,933
Net cash from operating activities4661,976(212)11,7229,05113,2848,617
Net cash from investing activities1,281(275)1,749(9,076)(6,188)(10,802)(4,016)
Net cash from financing activities(1,754)(1,754)(1,263)(395)0.000.00(1,428)
Net change in cash(6.88)(53.28)2742,2512,8632,4823,174
Closing cash28,48925,28124,85523,70221,45118,58916,107
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+6.8%+7.9%-1.4%-4.8%+0.8%-3.5%-
EBITDA growth+14.4%+17.7%+7.8%+119.9%+2.5%+246.3%-
PBT growth+25.7%+14.9%-1.3%+113.9%+22.3%+9998.0%-
Net income growth+30.0%+30.6%-17.6%+189.4%+19.8%+1170.2%-
Revenue CAGR (3Y)+4.4%+0.4%-1.8%-2.5%+2.9%+8.4%+23.4%
EBITDA CAGR (3Y)+13.2%+40.8%+34.5%--5.4%-+38.8%
Profitability & leverage
Net income margin+17.0%+14.1%+14.2%+14.1%+4.5%+3.8%-0.6%
Return on capital employed+14.6%+12.3%+10.2%+14.5%+7.1%+6.7%-0.8%
Return on net worth+16.7%+15.4%+14.1%+20.3%+7.2%+6.5%-1.1%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover0.000.000.010.010.000.000.00
Efficiency & per share
Fixed asset turnover112.28104.5398.83117.33146.38147.44159.29
Inventory turnover0.000.000.000.000.000.000.00
Debtors turnover0.000.000.000.000.000.000.00
EPS (₹)55.0842.3638.1139.3713.6011.35(1.06)
Dividend per share (₹)13.2510.0010.007.202.250.000.00
Book value per share (₹)401.74350.55314.96257.55196.50176.61136.48
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue14,34712,84512,50512,71614,40212,58311,16712,130
Revenue growth (YoY)-0.4%+2.1%+12.0%+4.8%+12.3%---
Other income27363814556851.48147266(84.18)
Total expenses12,13010,52210,5329,81212,2109,8089,2649,765
EBITDA2,2172,3221,9722,9042,1922,7761,9032,365
EBITDA margin+20.0%+23.7%+20.6%+32.5%+19.8%+32.0%+22.3%+27.4%
Depreciation0.000.000.000.000.000.000.000.00
Interest0.000.000.000.000.000.000.000.00
Profit before tax2,4902,9602,1173,4732,2442,9232,1692,281
Tax568706598606491740547420
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue52,46848,90345,80046,40248,85648,68750,128
Revenue growth+7.3%+6.8%-1.3%-5.0%+0.4%-2.9%-
Other income1,4023294541,025523(202)1,688
Total expenses43,07140,45438,36639,66945,80645,30852,245
Employee cost168158206219210139199
EBITDA9,3978,4497,4346,7333,0493,379(2,117)
EBITDA margin+17.9%+17.3%+16.2%+14.5%+6.2%+6.9%-4.2%
Depreciation5.3412.3210.007.7411.8413.6817.81
Interest0.000.000.000.580.000.000.00
Profit before tax10,7938,7667,8787,7493,5603,163(446)
Tax2,4012,0641,3811,4371,5541,243(86.88)
Net profit8,3936,7026,4976,3122,0061,920(359)
Net profit margin+16.0%+13.7%+14.2%+13.6%+4.1%+3.9%-0.7%
EPS (₹)47.8438.2037.0335.9811.4310.95(2.05)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital877877877877877877877
Reserves & surplus64,02656,74551,11841,10030,78027,74821,046
Shareholders' funds (net worth)64,90357,62251,99541,97733,31330,20421,923
Secured loans0.000.000.000.000.000.000.00
Unsecured loans0.000.000.000.000.000.000.00
Total debt0.000.000.000.000.000.000.00
Total liabilities86,46784,92282,43064,26257,35051,24036,819
Assets
Gross block444446435433310298297
Net block285288287294170169181
Capital work in progress12.057.910.000.000.000.000.00
Investments1,40,9281,38,0741,31,4251,10,6831,01,10691,09668,526
Inventories0.000.000.000.000.000.000.00
Sundry debtors0.000.000.000.000.000.000.00
Cash & bank balances27,79124,63824,38923,28421,08318,29415,854
Loans & advances27,03623,77821,34922,09322,30224,87131,380
Total current assets54,82748,41645,73845,37843,38543,16647,234
Total current liabilities1,10,7541,02,69395,85692,86287,53783,42279,377
Net working capital(55,927)(54,277)(50,118)(47,485)(44,151)(40,256)(32,143)
Total assets86,46784,92282,43064,26257,35051,24036,819
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash7,0737,3047,07721,08318,29415,85412,848
Net cash from operating activities(653)(770)(448)11,3498,42012,8248,225
Net cash from investing activities2,3462,2941,937(8,753)(5,631)(10,383)(3,791)
Net cash from financing activities(1,754)(1,754)(1,263)(395)0.000.00(1,428)
Net change in cash(61.38)(230)2262,2012,7892,4403,006
Closing cash27,79124,63824,38923,28421,08318,29415,854
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+7.3%+6.8%-1.3%-5.0%+0.4%-2.9%-
EBITDA growth+11.2%+13.7%+10.4%+120.8%-9.8%+259.7%-
PBT growth+23.1%+11.3%+1.7%+117.7%+12.5%+9998.0%-
Net income growth+25.2%+3.1%+2.9%+214.7%+4.5%+635.3%-
Revenue CAGR (3Y)+4.2%+0.0%-2.0%-2.5%+3.3%+3.8%+17.0%
EBITDA CAGR (3Y)+11.8%+40.5%+30.1%--3.4%-3.1%-
Profitability & leverage
Net income margin+16.0%+13.7%+14.2%+13.6%+4.1%+3.9%-0.7%
Return on capital employed+14.6%+12.4%+11.8%+13.6%+7.5%+7.7%-1.0%
Return on net worth+17.0%+16.1%+16.1%+18.5%+8.0%+8.4%-1.6%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover0.000.000.000.010.000.000.00
Efficiency & per share
Fixed asset turnover121.15111.80106.56127.64162.38162.89174.39
Inventory turnover0.000.000.000.000.000.000.00
Debtors turnover0.000.000.000.000.000.000.00
EPS (₹)47.8438.2037.0335.9811.4310.95(2.05)
Dividend per share (₹)13.2510.0010.007.202.250.000.00
Book value per share (₹)369.94328.45296.37239.27180.44163.16124.96

Investments & Acquisitions by GIC Re

GIC Re has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Visma.

Acquisitions
Company NameDescriptionDomainLocationFoundedAcquiredAmount
Visma
Cloud-based ERP software is provided for business management across segments.
visma.comOslo, Norway1996Jun 2017$5.3B
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Timeline of GIC Re

3 dated milestones of GIC Re across 45 years, from founding to its latest funding, stage changes and deals.

  1. Founded GIC Re is founded.
  2. Acquisition Acquires Visma.
  3. IPO Lists on the stock exchange (IPO).

Web traffic of GIC Re

The website of GIC Re (gicre.in) receives about 38.3K visits a month and ranks #743,897 among all websites worldwide, #7,169 in Investing.

  • Monthly visits
    38.3K

    ▼ 3.4% vs previous month

  • Unique visitors
    20.4K

    per month

  • Global rank
    #743,897

    among all websites

  • Category rank
    #7,169

    Finance · Investing

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Top companies in Insurance & Risk Management

3 companies that operate in the same segment as GIC Re (Insurance & Risk Management) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Star Health and Allied Insurance
Health insurance plans are offered for individuals and families.
2006Chennai, Tamil Nadu, IndiaUSD 783.29 MUSD 1.9 B15,820
ICICI Lombard
Life, health, and general insurance services are provided across India.
2001Mumbai, Maharashtra, IndiaUSD 306.52 MUSD 2.88 B16,700
Bajaj Finserv
Financial solutions including loans and insurance are offered.
2007Pune, Maharashtra, IndiaUSD 15.24 B126
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Frequently Asked Questions about GIC Re

GIC Re was founded in 1972.

GIC Re is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Narayanan Ramaswamy is the CEO of GIC Re, as recorded in our data.

GIC Re has 449 employees.

The primary company behind GIC Re, General Insurance Corporation Of India, reported revenue of ₹54,377 Cr for FY 2026, up 7% year on year.

Reinsurance solutions are offered by GIC Re to direct general insurance companies in the Indian market. Operations are extended to domestic and international markets, with a focus on property, marine, aviation, motor, and health insurance sectors. As a leading reinsurer, support is provided across Afro-Asian regions, with permanent offices established in the UK, Malaysia, Russia, and UAE. Continuous efforts are made to explore new frontiers and enhance global presence in the reinsurance industry.

GIC Re offers Reinsurance Services, Property Insurance, and Marine Insurance.

Yes, GIC Re is publicly traded on NSE under the ticker symbol GICRE.

GIC Re has made 1 acquisition, including Visma.

GIC Re operates through General Insurance Corporation Of India.

The legal entities of GIC Re currently have 6 directors, including Satheesh Kumar Nair, Jayashri Balkrishna, Hitesh Rameshchandra Joshi and others.

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